LAW OF MARYLAND

Special Session

June 9, 1961

MARYLAND, Sct.:

At a Special Session of the General Assembly of Maryland, begun
and held in the City of Annapolis, on the ninth day of June,
1961, the Honorable J. Millard Tawes, being Governor of
the State, the following laws were enacted, to wit:

CHAPTER 1
(Senate Bill 1)

AN ACT to add new Sections 160A-160KK to Article 23 of the Anno-
tated Code of Maryland (1957 Edition), title "Corporations", sub-
title "Building or Homestead Associations", to follow immediately
after Section 160 thereof, providing generally for the organization,
incorporation, operation, conduct, regulation of and supervision
over the savings and loan business, which is known generally as
the Building, savings and loan or homestead business; providing
further for the investments, withdrawal of accounts, taxation,
membership, promotional activities, management and functions of
such businesses, including class and type of securities, and alloca-
tion of profits, reserves and dividends; providing for the branch-
ing, consolidation, merger, dissolution, and revival of such
businesses; making provision for conservators and receivers for
such businesses; exempting accounts of such businesses from "Blue
Sky Law"; creating a Board of Building, Savings and Loan As-
sociation Advisors, and making provision for the members of
such Board and for their qualifications, tenure, powers and duties;
vesting certain supervisory and regulatory powers in the State
Department of Assessments and Taxation and its Director; pro-
viding methods f or compliance with stock class requirements; pro-
viding penalties for failure or refusal to comply with certain pro-
visions of this Act; and relating generally to the organizations
and businesses known generally as building, savings and loan or
homestead businesses in this State.

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.